To examine the mortgage foreclosure process, as well as the rate and effect of such foreclosures. Additionally, the
hearing will examine the effects of state programs related to foreclosure assistance on homeowners and on tenants in apartment
buildings subject to foreclosure, which will include a review and assessment of the impact of funds appropriated to aid homeowners
facing foreclosure.

New York City

Monday
November 7, 2011
11:00 a.m.
Room 1923, 19th Floor
250 Broadway

In the past few years there has been a marked increase in foreclosure rates around the United States. There are several factors that
have led to this recent rise in foreclosures. Poor lending practices and speculation in the housing market combined with the recent
economic downturn have coalesced to push many low- and middle-income families out of their homes while simultaneously
damaging the family's credit. In addition to this loss, mortgage foreclosures also cause negative effects on the surrounding community.
Homes can often remain vacant for long periods of time during a foreclosure process, lowering housing prices in the surrounding
areas. This has caused a ripple effect in some communities, causing other homes to be abandoned and making it more difficult for
families that are seeking to sell their homes. Foreclosures can also be damaging to lending institutions. These disruptions in normal
business can lead to financial losses and will likely reduce a bank's ability to properly function. It is important to reduce the number of
mortgage foreclosures, as the damage caused by them can be felt across all sections of society.

The Legislature has explored and pursued ways to address this crisis. In 2008, the Legislature provided funding for foreclosure
prevention services aimed at providing support for families facing default on sub-prime mortgages. The legislature provided additional
support for the program in 2009-2010. However, the mortgage foreclosure crisis has expanded beyond the realm of sub-prime
defaults. The program launched in 2008 has created and sustained a strong network of foreclosure prevention collaborations and
services across the state that help prevent home loss and help stabilize communities across the state. This year, the Executive
vetoed funding to assist with the operation of the foreclosure prevention services program. This hearing will examine the mortgage
foreclosure process, its effect on surrounding communities and explore potential new solutions to address this continuing problem.

Please see the reverse side for a list of subjects to which witnesses may direct their testimony.

Persons wishing to present pertinent testimony to the Committee at the above hearing should complete and return the enclosed reply
form as soon as possible. It is important that the reply form be fully completed and returned so that persons may be notified in the
event of emergency postponement or cancellation.

Oral testimony will be limited to 10 minutes' duration. In preparing the order of witnesses, the Committee will attempt to accommodate
individual requests to speak at particular times in view of special circumstances. These requests should be made on the attached
reply form or communicated to Committee staff as early as possible.

Ten copies of any prepared testimony should be submitted at the hearing registration desk. The Committee would appreciate advance
receipt of prepared statements.

In order to further publicize these hearings, please inform interested parties and organizations of the Committee's interest in hearing
testimony from all sources.

In order to meet the needs of those who may have a disability, the Assembly, in accordance with its policy of non-discrimination on the
basis of disability, as well as the 1990 Americans with Disabilities Act (ADA), has made its facilities and services available to all
individuals with disabilities. For individuals with disabilities, accommodations will be provided, upon reasonable request, to afford
such individuals access and admission to Assembly facilities and activities.

Vito Lopez
Member of Assembly
Chair
Committee on Housing

Helene E. Weinstein
Member of Assembly
Chair
Committee on Judiciary

Annette Robinson
Member of Assembly
Chair
Committee on Banks

SELECTED ISSUES TO WHICH WITNESSES MAY DIRECT THEIR TESTIMONY:

What delinquency and foreclosure trends are occurring in New York? Do the trends differ in various regions of the State? What
is the effect of foreclosures on surrounding communities?

What are the most significant barriers to modifying loans? What are the most common reasons for denials of
modifications?

How are the settlement conferences working? Have they been successful? How could they be improved in order to become
more efficient?

Are the New York State Department of Financial Services' regulations regarding mortgage servicers that went into effect last
year (Oct. 1, 2010) making a difference? How is compliance being monitored? What is the rate of compliance?

What steps, if any, legislative or other, could be taken to reduce foreclosures in New York? What steps, if any, legislative or
other, could be taken to strengthen and shorten the foreclosure process?

What sources of funding have enabled not-for-profits to assist individuals facing foreclosure?

What is the impact of funding for foreclosure prevention services? What is the impact of loss of funding for these
services?

PUBLIC HEARING REPLY FORM

Persons wishing to present testimony at the public hearing on Mortgage Foreclosures in New York are requested to complete this
reply form as soon as possible and mail, email or fax it to: